General Enquiries: 020 7561 1786 or Email: info@credit-union.coop      |       CU Loan Repayment Issues Only: 020 3763 8397  or Email: loansupport@credit-union.coop

Not For Profit Employee Wellbeing Services

Contact us to ask for further information on how we can support your staff to reduce their financial worries at work.

info@credit-union.coop

The financial stability established by the availability of savings or low-cost loans is seen as a real benefit by employees who use our Salary Savings Schemes. We help reduce stress caused by financial problems, reducing staff turnover, sickness levels, and absenteeism.

As a co-operative we are not driven by profit so it means that we can and do help a broader range of people than the many investor led rivals whose decision making is led by profit margins. Watch this video from the England Illegal Money Lending Team.

info@credit-union.coop
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Not For Profit Employee Wellbeing Services

Contact us to ask for further information on how we can support your staff to reduce their financial worries at work.

info@credit-union.coop

The financial stability established by the availability of savings or low-cost loans is seen as a real benefit by employees who use our Salary Savings Schemes. We help reduce stress caused by financial problems, reducing staff turnover, sickness levels, and absenteeism. As a co-operative we are not driven by profit so it means that we can and do help a broader range of people than the many investor led rivals whose decision making is led by profit margins. Watch this video from the England Illegal Money Lending Team.

 

Lineage Logistics

Stuart Carroll, HRIS Manager, Lineage Logistics

The feedback we have received from our employees is universally positive; personal savings direct from your payslip, low-cost loans that beat the banks almost every time, and great customer service.  From an employer perspective, proactively helping employees deal with potential financial issues via a credit union can only help to alleviate stress in the workplace, and increase productivity. Having access to low-cost credit through your employer (albeit indirectly) is also especially helpful in these difficult times.

Guarding UK

Kellann Douglas, Payroll Manager

Due to the dependability and friendliness of the credit union staff this partnership will continue to thrive. The credit union has helped employees primarily by encouraging saving as a way of preventing over indebtedness. A feature worth mentioning is the low-cost source of credit which can greatly reduce the cost of borrowing.  It currently offers interest rates less than others.

Moorfields Eye Hospital NHS Trust

Denise O’Meara, HR Business Partner,

As a Trust it is reassuring to know that we can work with a reputable organisation to be able to assist our staff, particularly at the moment in what are trying and stressful times for so many.  The idea that staff can also be in a position to save for the future and avoid or lessen any further financial burdens is great. We promote the service on our intranet and through our wellbeing messages with no other resources necessary and LCCU deal directly with our payroll services for those who take up their services.

 Employers Salary Savings Scheme

The Employee Benefit Scheme For Employers and Employees

Salary Savings Form

The credit union is a not for profit co-operative that encourages saving as an alternative to borrowing, but also provides low cost loans at times of need. We run salary savings and loans schemes for dozens of employers, large and small who are interested in promoting the wellbeing of staff. Unlike others claiming to be ‘social businesses’, we are owned by our customers with profits returned to our members rather than external shareholders. Others encourage people to borrow, repeating the debt trap.

Evidence shows that people are much more likely to have a savings account where employers have a salary savings scheme with the credit union. The financial wellbeing & resilience provided by the availability of savings or low-cost loans is seen as a real benefit by employees and employers who use the service. This in turn can reduce stress caused by financial problems, reducing staff turnover, sickness levels, and absenteeism.

If you would like to offer your employees access to secure savings accounts, support with money management and low cost loans, please contact us.

If your employer is already working with us, simply complete the form below and we will take care of the rest.

Salary Savings Form

Why Choose the Credit Union to Provide Financial Wellbeing For Your Employees?

The credit union is a not-for-profit co-operative with any profits being returned to our customer members. Our objective is to encourage saving as a way of avoiding problem debt, but we also offer affordable credit at times of need. With no external investors we can offer smaller loans at lower rates than most of our competitors to meet the needs of all of your employees with a salary deduction savings & loans scheme.

In recent years there have been many start-up companies providing salary deduction services to employers. These companies describe themselves as ‘social businesses’ but the model involves huge capital investment, salaries and marketing budgets that limit the degree that they can benefit your employees. The need to repay the capital investment and pay a return to external investors means that their focus is on high value lending rather than encouraging saving, and taking fewer risks when offering loans. Such firms are unlikely to be in a position to help many lower paid or heavily indebted staff because of the ownership structure and levels of investment to be repaid.

Our not for profit ethos means that our services are likely to be available to a much broader range of your staff, particularly those most in need if financial help. Choosing a credit union to provide salary deduction savings & loans service with money management tools means all of your staff can be supported.

To find out more see our BROCHURE.

Contact us on info@credit-union.coop for a no obligation discussion on how we can help you keep an effective and motivated workforce by helping all your employees manage their money and reduce the cost of borrowing.

Our Employers

This list is not exhaustive as we have many smaller employer partners offering our services as an employee benefit. Employers are listed alphabetically.

If you work for one of the employers listed below you can CLICK HERE to submit the Online Salary Savings Scheme form. You will need your employee number as printed on your payslip.

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Participating Employers

This list is not exhaustive as we have many smaller employer partners offering our services as an employee benefit. Employers are listed alphabetically.

  • Advance
  • Airbon Ltd.
  • ARHAG Housing
  • BPP Education
  • Barnet & Southgate College
  • Barnet Council & Schools
  • Barnet, Enfield & Haringey NHS Trust
  • Barnet Homes
  • Brent Council & Schools
  • Bright Horizons Nurseries
  • Buttercups Training
  • Camden Council & Schools
  • Camden & Islington NHS Trust
  • Capital City College Group (CONEL, KWC, CANDI)
  • Catch 22
  • Central North West London NHS Trust
  • City of London Corporation
  • Clarion Housing Group
  • Citizens Advice
  • Co-operative Group
  • Dorchester Collection
  • East London Foundation NHS Trust
  • EMW Law
  • Eternity Healthcare
  • Family Action
  • Financial Service Compensation Scheme
  • Foot Anstey / Enable Law
  • Fremantle Trust
  • Great Ormond Street Hospital
  • Greenwich Leisure Limited
  • Guardian Media Group
  • Guarding UK
  • Hackney Council & Schools
  • Haringey Council & Schools
  • Homerton Healthcare NHS Trust
  • Hyde Housing Group
  • Islington Council & Schools
  • Islington & Shoreditch Housing Association
  • Jewish Care
  • Legal & General
  • Lineage Logistics
  • Linklaters LLP
  • London Metropolitan University
  • Mind in Havering, Barking and Dagenham
  • Moorfields Hospital NHS Trust
  • Newlon Housing Association
  • Nico Manufacturing
  • North London NHS Foundation Trust
  • North Middlesex Hospital Trust
  • Origin Housing Association
  • Outward Housing
  • Picturehouse Cinemas
  • Renaisi
  • Reynolds Catering
  • Royal Academy of Dramatic Art (RADA)
  • Royal Free Charity
  • Royal Free NHS Trust
  • Royal Hospital for Neuro Disability
  • Royal National Orthopaedic Hospital
  • Southern Housing Group
  • St Pauls Cathedral
  • University College London NHS Trust
  • Unison
  • University College London
  • Veolia Environmental Services
  • Workers Educational Association
  • Whittington Health NHS Trust

Good employers offer credit union services as part of their employee benefits/wellbeing package. It’s good for business.

If you would like information on the benefits to your business as an employer and to your staff then please get in touch info@credit-union.coop

Frequently Asked Questions

 

Here are answers to many of the questions you may have. If you have any other questions about this service please do not hesitate to get in touch

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Does it cost the employer anything?

No. The credit union provides this service to your business without charge.

Does it cost our employees anything?

Apart from interest on any loans, there are no other fees or charges for an active credit union savings/loans account.

Is it a lot of work for our payroll staff?

All enquiries of any kind at all are dealt with by the credit union office. The employer need not be involved in anything but a single monthly exchange of data and BACS funds transfer.

What if an employee leaves?

The employer does not need to do anything. Once the payroll deduction stops the credit union contacts the member to offer alternative payment options.

Can members access their account online?

Yes, members can register for online access at our website www.creditunion.coop

People can check balances, request withdrawals and apply/sign for loans online or via our mobile devices App. We also provide telephone, email access and have a well located accessible office for personal enquiries.

Is the money safe?

Savings are protected by the Financial Services Compensation Scheme, currently up to £85,000 per person.

What rate of interest do you charge on your ‘Saver Loans’?

Our interest rates start at 4.9% apr but the typical rate is for our ‘Saver Loan’ which is 12.7% apr charged on the reducing balance. A £1,500 loan paid back in 12 months will incur a total interest of only £101.

How much interest do you pay on savings?

We pay a ‘dividend’ rather than a fixed rate of interest. Any surpluses are distributed back to members as a dividend on savings or a rebate on loan interest paid.

Do members have to give notice to withdraw money?

No. We can transfer savings to the member’s bank account by BACS. Most BACS transfers are completed the same day.

How do people pay into the Credit Union savings accounts?

Many employers allow staff to save directly from salary. Members can also pay by direct debit, standing order, bank transfer or cheque. There is no minimum savings payment, unless the member has a loan.

How much can a member borrow?

We currently offer loans of up to £20,000 but all loans are considered based on affordability. The loan sum may be greater if the applicant has already saved with us or has borrowed from us previously.

When can someone borrow?

Members can apply to borrow at any time but we give priority to those members who have saved for short period and/or are using a payroll deduction scheme.

Do you use credit reference agencies?

Yes, but past difficulty repaying loans will not automatically prevent applicants from borrowing from us. We may use a credit reference agency to verify ID and address.

Making deposits into your Credit Union account.

We are not able to have DWP or HMRC payments made to your credit union account, other than child benefit.

Standing Order & Bank Transfer

These payment methods are suitable for one-off deposits and/or recurring payments into savings from your bank account.
The easiest way to set up a Standing Order is to use online banking or to contact your bank.

You must use your membership number (or NI Number) as the reference for every payment.

Bank Name:
Co-operative Bank

Sort Code:
08-92-50

Account Name:
London Capital Credit Union
NB Some banks may say account does not match the name because our full name, London Capital Credit Union Ltd., is too long. You can ignore the error message and use these details.

Account Number:
67003299

Reference:
Your credit union membership number or your NI number in order that we can credit the payment to the correct account.

Salary Savings Schemes

Many people can make regular savings deposits or loan repayments directly from salary. CLICK HERE to access the Online Salary Savings Schemes Form.

Cash

We only accept cash for initial deposits. If you make your first deposit by cash the maximum we can accept is £50.

Cheques

Cheques should be made payable to ‘London Capital Credit Union’ or payable to yourself. We can also accept cheques payable to yourself. You should note that it will take at least 12 working days before you are able to draw on funds paid in by cheque.

Save with your Child Benefit

Once you have your credit union membership number you can save by having your Child Benefit paid directly to your savings account. complete the form below. You will need your membership number and your child benefit reference number to complete the form.

The Jeremy Hopgood Rooms, Caxton House, 129 St John's Way, Archway, London N19 3RQ
Tel: 020 7561 1786 (Multilingual advisers available)
Email: info@credit-union.coop

If you have a loan from us and need a little help managing repayments then
please call us on 0203 763 8397 to speak with one of our friendly Loan Support Officers who will find a way to help.

© 2026 LCCU  |  Complaints  |  Privacy Policy

© 2026 LCCU  |  Complaints  |  Privacy Policy

How We Decide to Whether to Offer a Loan – The Basics

The Credit Union’s primary objective is to help members avoid or escape from debt by promoting a culture of saving. When we offer loans, we only do so if the borrower agrees to save a little while they repay. The establishment of a savings habit is proven to reduce the harms and risks of long-term borrowing becoming problem debt. Basically, when we get a loan application our decision is based on the following two principles:

1. Do we trust the applicant to repay the loan?

2. Can the applicant afford the loan repayment

This guide is designed to help members understand our thinking so you can best prepare if you should need to apply or re-apply for a loan.

1. Key Points in Our Assessing Trust of the Applicant

a) Has the applicant started saving? The money we lend is members savings so, especially at busy times, we have to give priority to loan applications from members who have made at least one savings payment. That first payment is good evidence that you are a real person and helps us confirm identity.

b) Proper Proof of ID & Address? What forms of proof of identity and address has the member provided? If you are able to connect your bank account through ‘open banking as art of the loan application process it a good way of proving ID. First time loans may be required to use online Open Banking.

c) Previous Borrowing History. Has the applicant borrowed and repaid us previously? Previous good repayment record supports any application.

d) Did the applicant inform us of other money owed? Failure to list all debts in the application process is likely to result in the loan application not being approved. It suggests that the applicant is either not in control of their money or not being completely honest with us and in either case we cannot put our members savings at risk by lending. Credit Reference Agency checks are used to show us what money is owed and to whom.

e) Is the member sensible with money? When we review the bank transactions of the loan applicant, we often see patterns of expenditure that suggest the applicant is not taking a sensible approach to expenditure. Changes in the way they manage their finances would suggest that the loan would not really be necessary. We want to help people be in control their finances and do not want to lend members savings to people who are not deemed sensible with the way they spend. This may be things like gambling, excessive shopping and/or eating out/takeaway food deliveries.

f) Always be ‘up front’ in your application. Honesty pays. We do not judge.

2. Key Points in Our Assessing Affordability for the Applicant

a) Is this loan in the member’s best interest? The value of the loan application in comparison with your income is a key measure of affordability. The loan interest members pay on loans pays our staff salaries, but we are not out to profit from you, rather we want members to borrow less over time and take control of their finances.

b) Positive Bank Balance at Month End? Is there money left in the members bank account at the end of the month that would be sufficient to cover the loan repayment if approved? If not, the member must explain how the loan would become affordable, for instance, by reducing expenditure in other areas.

c) Is the applicant struggling with existing debts? When we review the bank transactions of the applicant we can see income and expenditure. If the loan applicant tells us how the loan will clear other debts and reduce their expenditure this will help us understand affordability.

d) Is the purpose of the loan considered sensible? If the applicant is not paying essential bills such as mortgage or rent then a loan for a car or holiday is likely to be unwise and unaffordable.

e) Has the applicant fully explained why they need to borrow? Always feel free to email or call us explaining the circumstances that mean you need to borrow. The reasons for needing to borrow are complex, but being honest and explaining the circumstances can often help the ordinary humans on the Loans Team at the Credit Union to be able to assess trust and affordability. You briefly explaining your thinking about affordability gives us confidence that you are thinking sensibly about money, and sometimes allows us to suggest alternatives that may well be in your best interest.

f) Is the loan to clear other more expensive debts? Credit Reference Agency checks are used to show us what money is owed and to whom. If your loan application is to pay off other debts, stop and list every one of those debtors.Work out the cost of each. Consider clearing one or two at a time if its your first Credit Union loan. Pick them off one or two at a time, the most expensive first.

g) Has the applicant stopped to think about affordability? The ‘Your Money’ section of our website provides access to a budget planner which, if used and shared, gives us good evidence of affordability. Particularly helpful for loan applicants in financial stress. We hope this gives you an idea of how we decide yes or no to loan applications. The decision is by one or more other credit union members on our Loans Panel. We hope this helps you understand our thinking so you can best prepare if you should need to apply or re-apply for a loan.

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